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Herms’ highly coveted Birkin handbag becomes even more coveted after it leaves the store — doubling in value in as little as five years, according to a luxury expert.

James Firestein, founder of luxury resale and authentication platform OpenLuxury, told Fortune that the steepest price increase he has ever witnessed when a Black Togo 30 Birkin doubled in value in five years.

For reference, the price of the Black Togo 30 widely varies on resale platforms due to the bag’s condition, type of hardware metals and the year it was purchased from Herms, going for anywhere from $30,500 for a “like new” bag on Sotheby’s to $10,925 on The RealReal or roughly $8,000 on eBay.

More commonly, however, it takes a decade for the price of a Birkin to surge two-fold.

“I know several instances where people have doubled their money based on buying it 10 years ago, and reselling it today in pristine condition,” Firestein said, per Fortune.

“The resale value of particularly the Birkin and Kelly bags over the past 10 years has outpaced gold, he added.

In 2020 alone, while when the luxury market ground to a halt during COVID, Birkin bags saw impressive returns of 38%, according to a report from Credit Suisse and Deloitte.

As a result, Firestein estimates that 25% of Birkin buyers keep the bag in storage as investments while the remaining 75% actually use the bags, Fortune reported.

Most shoppers look to the second-hand marketplace to buy Birkin bags, mostly because buying a luxurious piece of eye candy directly from Herms can be a time-consuming process that doesn’t guarantee customers get the exact style they want.

Herms allows stores and boutiques around the world to purchase a select number of Birkins per season, though the color and size of the bags are rarely known ahead of time, according to Sotheby’s.

And for aspiring Birkin owners who don’t already have an existing relationships with retailers, it can be even harder to ensure that a staffer will try and reserve the bag you want, Sotheby’s said.

As a result, Birkins, more often than not, sell for well beyond their $12,000 sticker price.

The pricing mostly comes down to scarcity principle, per Sotheby’s, which sold a Himalaya Birkin 30 encrusted with diamonds for $450,000, though the more common leather styles in fresh condition generally go for between $25,000 and $30,000, according to the auction house.

Herms has been accused of making it too difficult for the everyday shopper to acquire a Birkin of their own.

Two California plaintiffs alleged in a class-action lawsuit earlier this month that the French fashion house uses unfair business practices,” including requiring customers to buy other ancillary products such as shoes, scarves, belts, jewelry and home goods  before getting the opportunity to buy the coveted, chronically unavailable handbag.

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To be allowed to purchase a Birkin, the suit claims, customers must have accrued a sufficient purchase history with the luxury brand.

Once achieved, customers who are deemed worthy are then offered a Birkin — which is allegedly not on public display but rather in a private room, the suit claims.

The unique desirability, incredible demand and low supply of Birkin handbags gives defendants incredible market power, attorneys wrote in their filing.

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Politics

Rishi Sunak says migrants going to Ireland shows Rwanda scheme is working as a deterrent

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Rishi Sunak says migrants going to Ireland shows Rwanda scheme is working as a deterrent

Migrants travelling to Ireland after arriving in the UK on small boats is a sign the Rwanda scheme is already working as a deterrent, Rishi Sunak has said. 

Sky News’s Trevor Phillips asked the prime minister if migrants finding their way to Ireland was a sign the UK was “exporting the problem”.

Ireland’s deputy prime minister Micheal Martin said on Friday the threat of being deported to Rwanda had caused an influx of migrants to cross the border from Northern Ireland into the Republic.

In his interview – which will air in full on Sky’s Sunday Morning With Trevor Phillips show tomorrow at 8.30am – Mr Sunak was asked about the comments, saying they illustrated “the deterrent is… already having an impact”.

“People are worried about coming here and that demonstrates exactly what I’m saying,” he said. “If people come to our country illegally, but know that they won’t be able to stay there, they are much less likely to come, and that’s why the Rwanda scheme is so important.”

Downing Street on Friday rebuffed claims the Rwanda plan was already influencing movements into Ireland, saying it was too early to jump to conclusions on its impact.

Mr Sunak said the comments also illustrate “that illegal migration is a global challenge”.

“[That] is why you’re seeing multiple countries talk about doing third country partnerships, looking at novel ways to solve this problem, and I believe will follow where the UK has led,” he said.

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Mr Martin told The Daily Telegraph that the policy was already affecting Ireland, as people were “fearful” of staying in the UK.

Ireland’s deputy prime minister said: “Maybe that’s the impact it was designed to have.”

Mr Martin, who is also Ireland’s foreign minister, said asylum seekers were looking “to get sanctuary here and within the European Union as opposed to the potential of being deported to Rwanda”.

Read more:
Anti-immigrant camp in Dublin ‘not about racism’, residents say

Danger for Sunak if new Act does not stop boats


Jon Craig - Chief political correspondent

Jon Craig

Chief political correspondent

@joncraig

On the Safety of Rwanda Bill, which finally became law this week after so-called “ping pong” between the Commons and the House of Lords, Mr Sunak said a deterrent was the only way to stop the boats.

“We did just have an important moment this week that in spite of all the opposition from the Labour Party we have passed the Rwanda bill through Parliament in the face of enormous opposition,” he told Sir Trevor.

“That’s important because the only way to fully solve this problem is to have a deterrent, so that if people come to a country illegally, they’re not able to stay, and we can return them.”

Refugee groups in Ireland admit that the threat of being deported to Rwanda is, as the Irish government claims, driving migrants across the border from Northern Ireland into the Republic.

Nick Henderson of the Irish Refugee Council told Sky News: “As long as there is a Rwanda policy and the Illegal Migration Act which states that somebody can’t lodge an application for asylum in the UK and have it considered if they enter in an irregular way, it’s going to have knock-on effects on Ireland, that’s plain to see.”

Now that the Rwanda legislation has finally become law, Tory MPs believe the PM can no longer blame his political opponents in parliament, in the Commons and the Lords, if it fails to stop the boats.

The danger for Mr Sunak, even his supporters concede, is that even if planes do take off for Rwanda this summer and some migrants head for Ireland, it may not stop the tide of more illegal migrants crossing the channel.

His comments came after Ireland’s justice minister told a committee of the Irish Parliament she estimates more than 80% of migrants in the Republic had crossed from Northern Ireland.

The UK’s prime minister told Trevor Phillips his focus “is on the United Kingdom and securing our border”.

Read more:
What impact will bill have on immigration?
Sunak staking premiership on Rwanda flights plan

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Keep up with all the latest news from the UK and around the world by following Sky News

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The Safety of Rwanda Bill became an Act on Thursday, with Number 10 announcing the same day that the first deportation plane had been booked.

After a number of setbacks and delays, the bill passed in parliament earlier this week and then received royal assent, with Home Secretary James Cleverly hailing the approval as a “landmark moment in our plan to stop the boats”.

Anticipating the bill’s passage, the prime minister earlier this week promised the first flights would take off in 10 to 12 weeks – “come what may”.

Watch the full interview on Sunday Morning with Trevor Phillips at 8.30am

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UK

Rishi Sunak says migrants going to Ireland shows Rwanda scheme is working as a deterrent

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Rishi Sunak says migrants going to Ireland shows Rwanda scheme is working as a deterrent

Migrants travelling to Ireland after arriving in the UK on small boats is a sign the Rwanda scheme is already working as a deterrent, Rishi Sunak has said. 

Sky News’s Trevor Phillips asked the prime minister if migrants finding their way to Ireland was a sign the UK was “exporting the problem”.

Ireland’s deputy prime minister Micheal Martin said on Friday the threat of being deported to Rwanda had caused an influx of migrants to cross the border from Northern Ireland into the Republic.

In his interview – which will air in full on Sky’s Sunday Morning With Trevor Phillips show tomorrow at 8.30am – Mr Sunak was asked about the comments, saying they illustrated “the deterrent is… already having an impact”.

“People are worried about coming here and that demonstrates exactly what I’m saying,” he said. “If people come to our country illegally, but know that they won’t be able to stay there, they are much less likely to come, and that’s why the Rwanda scheme is so important.”

Downing Street on Friday rebuffed claims the Rwanda plan was already influencing movements into Ireland, saying it was too early to jump to conclusions on its impact.

Mr Sunak said the comments also illustrate “that illegal migration is a global challenge”.

“[That] is why you’re seeing multiple countries talk about doing third country partnerships, looking at novel ways to solve this problem, and I believe will follow where the UK has led,” he said.

👉 Tap here to follow Electoral Dysfunction wherever you get your podcasts 👈

Mr Martin told The Daily Telegraph that the policy was already affecting Ireland, as people were “fearful” of staying in the UK.

Ireland’s deputy prime minister said: “Maybe that’s the impact it was designed to have.”

Mr Martin, who is also Ireland’s foreign minister, said asylum seekers were looking “to get sanctuary here and within the European Union as opposed to the potential of being deported to Rwanda”.

Read more:
Anti-immigrant camp in Dublin ‘not about racism’, residents say

Danger for Sunak if new Act does not stop boats


Jon Craig - Chief political correspondent

Jon Craig

Chief political correspondent

@joncraig

On the Safety of Rwanda Bill, which finally became law this week after so-called “ping pong” between the Commons and the House of Lords, Mr Sunak said a deterrent was the only way to stop the boats.

“We did just have an important moment this week that in spite of all the opposition from the Labour Party we have passed the Rwanda bill through Parliament in the face of enormous opposition,” he told Sir Trevor.

“That’s important because the only way to fully solve this problem is to have a deterrent, so that if people come to a country illegally, they’re not able to stay, and we can return them.”

Refugee groups in Ireland admit that the threat of being deported to Rwanda is, as the Irish government claims, driving migrants across the border from Northern Ireland into the Republic.

Nick Henderson of the Irish Refugee Council told Sky News: “As long as there is a Rwanda policy and the Illegal Migration Act which states that somebody can’t lodge an application for asylum in the UK and have it considered if they enter in an irregular way, it’s going to have knock-on effects on Ireland, that’s plain to see.”

Now that the Rwanda legislation has finally become law, Tory MPs believe the PM can no longer blame his political opponents in parliament, in the Commons and the Lords, if it fails to stop the boats.

The danger for Mr Sunak, even his supporters concede, is that even if planes do take off for Rwanda this summer and some migrants head for Ireland, it may not stop the tide of more illegal migrants crossing the channel.

His comments came after Ireland’s justice minister told a committee of the Irish Parliament she estimates more than 80% of migrants in the Republic had crossed from Northern Ireland.

The UK’s prime minister told Trevor Phillips his focus “is on the United Kingdom and securing our border”.

Read more:
What impact will bill have on immigration?
Sunak staking premiership on Rwanda flights plan

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

The Safety of Rwanda Bill became an Act on Thursday, with Number 10 announcing the same day that the first deportation plane had been booked.

After a number of setbacks and delays, the bill passed in parliament earlier this week and then received royal assent, with Home Secretary James Cleverly hailing the approval as a “landmark moment in our plan to stop the boats”.

Anticipating the bill’s passage, the prime minister earlier this week promised the first flights would take off in 10 to 12 weeks – “come what may”.

Watch the full interview on Sunday Morning with Trevor Phillips at 8.30am

Continue Reading

UK

Tory MP Dan Poulter defects to Labour over NHS ‘chaos’

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Tory MP Dan Poulter defects to Labour over NHS 'chaos'

Conservative MP and former health minister Dan Poulter has defected to Labour.

The MP for Suffolk Central and Ipswich North, with a majority of 23,321 at the last election, has indicated he is not planning to stand at the next general election.

The defection was revealed in an article on The Observer website, in which the part-time GP outlined why he was switching parties.

He said: “The chaos of today’s fragmented patchwork of community addiction services – making A&E the default location for people to get treatment and help – has added pressure to an already overstretched service.

“The mental toll of a service stretched close to breaking point is not confined to patients and their families. It also weighs heavily on my NHS colleagues who are unable to deliver the right care in a system that simply no longer works for our patients.

“It is this which has led me today to have resigned from the Conservative party to focus on my work as a doctor and to support Keir Starmer.”

He told The Observer the Conservatives had become “a nationalist party of the right” in the last eight years.

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“It is not to say all [Tory] MPs are like that,” he said.

“There are good MPs, but it feels that the party is ever moving rightwards, ever presenting a more nationalist position.”

The mental health doctor sent his resignation to the prime minister Rishi Sunak, saying: “After deep reflection and much heart-searching, I have decided, in all professional conscience, that I can no longer continue as a member of the Conservative Party.”

The Labour leader Sir Keir Starmer celebrated his defection on social media.

“It’s fantastic to welcome Dr Dan Poulter MP to today’s changed Labour Party,” he said in a post on X.

“It’s time to end the Conservative chaos, turn the page, and get Britain’s future back. I’m really pleased that Dan has decided to join us on this journey.”

Pic: Danny Lawson/PA
Labour leader Sir Keir Starmer during a visit to the village of Cawood, Selby, North Yorkshire, to set out new plans for the first ever government-backed Rural Crime Strategy to tackle the issues blighting communities outside of Britain's towns and cities. Picture date: Tuesday April 23, 2024. PA Photo. See PA story POLITICS Labour. Photo credit should read: Danny Lawson/PA Wire
Image:
Labour leader Sir Keir Starmer said he was “really pleased” to welcome Dr Poulter to his party. File pic: PA

Sky’s Jon Craig called the defection a “disastrous blow for the Conservatives and a massive propaganda coup for Labour.”

“Dr Poulter’s defection means the Commons majority of 80, won by Boris Johnson in December 2019, is now just 41, roughly half what it was three-and-a-half years ago,” he added.

“But more than the terrible numbers, bad as they are, it is his threat to support Labour on the NHS in the run-up to the general election that will alarm the Conservatives.”

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Keep up with all the latest news from the UK and around the world by following Sky News

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Wes Streeting, Labour’s shadow health secretary, said in a tweet: “Proud to welcome Dr Dan Poulter MP to the @UKLabour Party.

“As a frontline clinician, he’s seen the damage that 14 years of Conservative government have done to our NHS.

“Delighted to have his support and look forward to working with him, especially on mental health reform.”

A Conservative Party spokesperson responded to the resignation by saying: “For the people of Central Suffolk and North Ipswich this will be disappointing news. What Dan says is wrong as Sir Keir Starmer has no plan for our NHS.

“Under the Conservatives we are raising NHS funding to a record £165 billion a year, helping it recover from the effects of the pandemic and driving forward its first ever long-term workforce plan so that we train the doctors and nurses we need for the future in our country.

“Thanks to our plan, we have already virtually eliminated the longest waits and overall waiting lists have fallen by 200,000 in the last five months – and we will go further to make sure everyone gets the world-class care they need.

“This stands in stark contrast to the Welsh NHS – run into the ground by the Welsh Labour Government over the last 25 years which has waiting lists and waiting times way beyond what is being delivered in England.”

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